Stocks Reversing Slightly Lower into Final Hour on Rising Fiscal Cliff Fears, Global Growth Worries, Technical Selling, Tech Sector Weakness

Today's Market Take:

Broad Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Mixed
  

• Volume: Slightly Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• VIX 15.82 +1.61%

• ISE Sentiment Index 143.0 -16.9%

• Total Put/Call .87 +3.57%

• NYSE Arms .61 -30.87%

Credit Investor Angst:

• North American Investment Grade CDS Index 92.93 -.75%

• European Financial Sector CDS Index 151.75 +.32%

• Western Europe Sovereign Debt CDS Index 111.0 bps -2.63%

• Emerging Market CDS Index 210.44 bps -1.77%

• 2-Year Swap Spread 11.0 -.25 bp

• TED Spread 24.75 +.5 bp

• 3-Month EUR/USD Cross-Currency Basis Swap -22.0 +1.0 bp

Economic Gauges:

• 3-Month T-Bill Yield .07% unch.

• Yield Curve 146.0 +6 bps

• China Import Iron Ore Spot $125.0/Metric Tonne +.08%

• Citi US Economic Surprise Index 48.5 +.5 point

• 10-Year TIPS Spread 2.50 +1 bp

Overseas Futures:

• Nikkei Futures: Indicating +89 open in Japan

• DAX Futures: Indicating -9 open in Germany

Portfolio:

• Slightly Higher: On gains in index hedges

• Disclosed Trades: Added to my (IWM)/(QQQ) hedges

• Market Exposure: Moved to 25% Net Long